Slides
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AVI Limited presentation to shareholders & analysts for the year ended 30 June 2025
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AGENDAKey features and results historyGroup financial resultsPerformanceProspectsQuestions and answers
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KEY FEATURESSound performance off a strong base in a weak demand environmentGroup revenue increased by 1,0%Group gross profit margin improved by 2,4%Fashion retail portfolio impacted by supply chain issues in first semester and closure of Green Cross retailI&J fishing performance improved but partly offset by poor abalone demand and constrained selling pricesStrong innovation delivered incremental volume growth in key categoriesR42,0 million invested in group restructuring initiatives to deliver value in F26
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KEY FEATURESGroup operating profit for the year increased by 7,8% off 21,7% prior year growth Group operating margin improved by 6,7%Headline earnings per share up 6,1% to 729,1 centsSustained robust cash generation Capital expenditure of R601,0 millionFinal dividend of 406 cents per share and total normal dividend up 6,1% to 626 cents per shareReturn on capital employed of 34,9% for the 12 months to June 2025Dividend yield of 6,7% on 30 June 2025 closing share price
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RESULTS HISTORY Sound operating profit growth, off a high prior year base, despite weak demand environment Compound annual growth of 11,1% over the last 20 yearsGroup operating profit margins have increased from 9,9% in F05 to 22,2% in the current year Operating profit history 1992102372542893304004163984425456627357938388478738819201 3001 6161051271571861932332623293884755336096667057239108158811 0381 2711 294846117160238749117916624524833138942540823834230619720024147516073951051331561671721982182412502371501701932332201571151471331011512363084103884043453663953282022303033553412644355097188069038821 1121 3731 5261 7131 9172 1552 3852 5522 5232 3342 4092 5402 7153 3053 562 - 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600 2 800 3 000 3 200 3 400 3 600 F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25R millionOperating profit history EntyceSnackworksI&JPersonal CareFootwear & Apparel
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Return on capital employed High return maintained in challenging environment RESULTS HISTORY 10%15%20%25%30%35%40% 01 0002 0003 0004 0005 0006 0007 0008 000 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25R million Net operating profit after tax Average capital employedROCE (%)
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RESULTS HISTORYCash conversion Sustained strong conversion of earnings to cash 0%20%40%60%80%100%120% 05001 0001 5002 0002 5003 0003 5004 0004 500 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25R million EBITDA Cash generated by operationsCash to EBITDA (%)
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RESULTS HISTORYDividend yield Based on share price at end of each year (R94,13 at end June 2025)Total dividend yield includes payments out of share premium and special dividendsExcludes share buy-backs 2,8%3,8%3,7%6,2%5,2%4,5%4,0%4,1%4,4%4,9%4,1%4,3%4,0%4,5%5,8%6,1%7,0%7,1%6,2%7,7%12,0%6,4%7,4%6,5%4,5%6,3%10,1%9,2%6,7%0,0%2,0%4,0%6,0%8,0%10,0%12,0%14,0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 Normal dividend yield Total dividend yield
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RESULTS HISTORYReturns to shareholders Effective payout ratio from F05 = 97,3% of headline earningsThe present value of returns over 21 years adjusted for inflation is R36,5 billionR1,4 billion to be returned to shareholders in October 2025R5,0 billion returned to shareholders over the last 2 years 1161662292392633013736218109531 0651 1971 3221 4301 3681 3541 4381 5311 6061 9757371 361202231227550639823926938319 270 3181662297892633018706211 3609531 7041 1971 3222 2531 368 1 3542 3641 5311 6062 9132 09805001 0001 5002 0002 5003 0003 500 F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25R million Normal dividend paid Final dividend declared Special dividend paid Share Buy-back
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Group Financial Results
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GROUP FINANCIAL RESULTSIncome statement%∆F24F25RmRm1,015 862,316 021,5Revenue (0,7)(9 248,9)(9 184,0)Cost of sales3,46 613,46 837,5Gross profit2,441,742,7Gross profit margin %(1,0)(3 308,8)(3 275,6)Selling and administrative expenses7,83 304,63 561,9Operating profit6,720,822,2Operating profit margin %22,9(184,5)(226,7)Net financing cost(90,6)(3,2)(0,3)Share of joint ventures(20,7)11,1Capital items before tax1,127,127,4Effective tax rate %6,42 272,72 418,2Headline earnings6,1687,1729,1HEPS (cps)
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GROUP FINANCIAL RESULTSChange in operating profit F25 vs F24 Strong growth in operating profit off a higher prior year base, with compound growth across 2 years of 14,5%I&J improvement in H2 supported by improved fishing profits partly offset by weak abalone result with constrained demand and selling prices in key marketsPersonal care negatively impacted by anemic demand and competition which constrained selling pricesFootwear and Apparel challenged by competitor discounting, supply chain disruptions severely impacting December peak and closure of Green Cross retail business (R37,6 million reduction in profit) 242 (26)4 (21)(33)161 74 50 37 (42)(44)96 316 24 41 (63)(77)257 (100)(50)050100150200250300350Entyce Beverages Snackworks I&J Personal Care Footwear & Apparel AVI Group H1 H2 FY R million
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Business unit financial resultsGROUP FINANCIAL RESULTSOperatingMarginSegmentalOperating ProfitSegmentalRevenueF24%F25%Δ%F24RmF25RmΔ%F24RmF25Rm21,223,413,72 770,73 151,13,013 082,513 478,0Food & Beverage brands25,930,524,31 300,11 615,95,45 025,45 298,4Entyce Beverages22,723,11,81 270,91 294,40,25 597,95 611,8Snackworks8,19,420,6199,7240,84,42 459,22 567,8I&J 20,216,5(25,0)560,8420,4(8,5)2 779,82 543,5Fashion brands21,517,0(28,8)220,0156,7(9,6)1 022,5924,3Personal Care19,416,3(22,6)340,8263,7(7,9)1 757,31 619,2Footwear & Apparel(26,9)(9,6)Corporate20,822,27,83 304,63 561,91,015 862,316 021,5Group
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GROUP FINANCIAL RESULTSMovement in group revenue Price increases across the group to recover input cost pressures and protect marginsVolume declines across all core categories with beverage category declines off a strong prior year baseSelling prices proactively managed to balance volume and value relationships in low demand environment 15 00015 40015 80016 20016 60017 00017 400 15 862 1 255 (1 095) 16 022F24 Price/Mix Volume F25R million
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GROUP FINANCIAL RESULTS Increase in gross profit margins largely driven by Entyce with margins across the rest of the business sustainedOngoing focus on cost control, efficiency initiatives, disciplined hedging and benefit from investment in production capability last year Gross profit margin 39,8%39,0%38,6%39,0%41,7%42,7%20%30%40%50%60% F20 F21 F22 F23 F24 F25
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GROUP FINANCIAL RESULTSRestructuring initiatives AnnualisedbenefitRmNet benefit/(cost)Rm Savings realisedin F25RmOnce-off Restructuring CostRm45,9(17,2)10,9(28,1)Entyce & Snackworks6,0(2,5)1,0(3,5)Indigo 16,1(4,2)3,2(7,4)Spitz8,1(1,0)2,0(3,0)Shared Services76,1(24,9)17,1(42,0)GroupRestructuring initiatives implemented across the Group in F25 with further benefits expected in F26
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GROUP FINANCIAL RESULTSOperating profit 7,8% up Entyce: Improved performance off strong base supported by growth in tea, coffee and creamerSnackworks: Increase in biscuit profit off strong base partly offset by lower snacks profit due to competitive environmentI&J: Improved fishing profits, with catch rates marginally better and increased capacity partly offset by lower abalone profitsPersonal Care: Falling demand and competition in deodorant body spray and fragrance categoriesFootwear and Apparel: Constrained demand, endemic competitor discounting, supply chain disruptions in H1 and closure of Green Cross retail business 1 5002 0002 5003 0003 5004 0003 305 316 24 41 (63) (77) 16 3 562F24 Entyce Snackworks I&J PersonalCareFootwear &ApparelOther F25 R million
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GROUP FINANCIAL RESULTSCash flow, gearing and return on capital%F24F25RmRm5,53 778,33 985,8Cash generated by operations(2,0)98,196,1Cash / EBITDA %5,824,225,6Working capital to revenue %26,1(476,5)(601,0)Capital expenditure -23,0Cash from Investments – proceeds from joint venture59,51 419,22 263,2Net debt 50,819,729,7Net debt / capital employed % 2,034,234,9Return on average capital employed %Strong conversion of earnings into cashWorking capital ratio increased due to early receipt of inventory to support service levels and stronger sales in last few monthsCapital investment includes the purchase of a second-hand freezer vesselHigher net debt levels following special dividend in October 2024 but remain in target rangeStrong ROCE underpinned by earnings growth
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Capital expenditureFull Year F25H2 F25H1 F25ActualActualActualRmRmRm14 8 6 Tea packaging line replacements and upgrades39 13 26 Biscuit line upgrades and improvements38 24 14 Water backup and treatment27 13 14 Distribution vehicle additions and replacements49 21 28 I&J Vessel dry-docks and upgrades170 12 158 I&J second-hand freezer vessel acquisition 28 6 22 Retail store relocations, refurbishments and new store21 10 11 Roll on line investment 386 107 279 601 176 425 Total capital expenditure GROUP FINANCIAL RESULTS Capital investment projects that underpin manufacturing efficiencies, product quality and innovation continue to be supportedOngoing investment in repair and maintenanceR41 million invested in redundancy to address municipal infrastructure failures with total invested capital of R205 million to address water and electricity back-up
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GROUP FINANCIAL RESULTSDividends * Calculated using the closing share price at 30 June %F24F25RmRm8,9202,0220,0Interim dividend – cps4,6388,0406,0Final dividend - cps6,1590,0626,0Normal dividend – cps8,16,26,7Dividend yield - %*280,0-Special dividend - cps(27,2)9,26,7Total dividend yield - %*1,151,15Normal dividend cover ratio9 4599 413Closing share price - cpsOrdinary dividend increase in line with earnings growthSpecial dividend paid in October 2024 to return debt levels to upper limit of target rangeDividend yield remains attractive
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Performance
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Income statementImprovement in Tea profit off a strong basePrice increases across both black tea and rooibos to ameliorate inflationary cost pressuresSales volumes pressurised by constrained demand and competitionValue brands provided volume growth in informal channelsInnovation benefit from launch of new rooibos value brand Gross profit margins remain healthy Marketing investment to support key brands and once-off restructuring costs %F24RmF25Rm5,45 025,45 298,4Revenue24,31 300,11 615,9Operating profit 17,825,930,5Operating profit margin %
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Income statementIncome statementStrong Coffee profit growth across all segmentsSignificant selling price increases required to recover higher Robusta and Arabica pricesAffordable brewed segment volume growth through improved distribution and regional campaignsAffordability constrained demand in mixed instant and premium segmentsMargin improvement supported by factory restructuring, efficiency initiatives, favourable mix and operational leverageSelling and administration costs contained notwithstanding once-off restructuring costs %F24RmF25Rm5,45 025,45 298,4Revenue24,31 300,11 615,9Operating profit 17,825,930,5Operating profit margin %
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Income statementCreamer profit growth, notwithstanding strong prior year baseSelling price increases taken in response to input cost pressuresSales volume lower with prior year supported by market share gains due to competitor supply disruptionMargin improvement supported by annualisation of factory efficiencies and restructuring initiatives %F24RmF25Rm5,45 025,45 298,4Revenue24,31 300,11 615,9Operating profit 17,825,930,5Operating profit margin %
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Sales volume and selling pricesComments% ΔF25 H2 vs F24 H2% ΔF25 vs F246,37,6Tea revenue growthDeclines in both black tea and rooibos volumes with growth in informal channels(4,2)(5,6)Volume Price increases taken last year and in August 2024 on both black tea and rooibos brands10,913,9Ave. selling price4,59,3Coffee revenue growthVolume declines in mixed instant and premium offerings partly offset by growth in affordable brewed(13,6)(9,6)Volume Significant price increases taken across all categories to recover impact of commodity cost pressures 21,020,9Ave. selling price(4,2)(0,7)Creamer revenue declineVolume decline off a strong prior year base, with prior year including market share gains due to competitor supply challenges(10,1)(12,7)Volume Price increases in response to input cost pressures6,613,8Ave. selling price
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Market shares – 12 months value Short term market shares reflect targeted price / volume balance in volatile marketMarket share reflects formal retail onlyIncreased contribution from wholesale channel 29,5%54,1%17,1%46,8%17,8%29,3%51,8%16,5%42,5%16,5%0,0%10,0%20,0%30,0%40,0%50,0%60,0%Five Roses Freshpak Frisco Ellis Brown Trinco F24 F25
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Raw material costsCost impact of raw materials and commodities consumed in the period (F25 vs F24): Impact net of hedging (17)7 11 16 19 75 (40)(20)020406080 Casein Black tea Palm oil Glucose Rooibos Arabica / Robusta /Chicory R million
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Performance
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Income statement%F24RmF25Rm0,25 597,95 611,8Revenue1,81 270,91 294,4Operating profit 1,822,723,1Operating profit margin %Increase in Biscuit profit off a strong base supported by improved second semester performanceSelling price increases to recover input cost pressures and protect marginsVolumes impacted by constrained environment, competition and disposable incomesIncremental volume from innovation Gross margins well protectedSignificant increase in marketing investment to support festive season campaigns and launch of innovationOnce-off restructuring costs
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Income statementDecline in Snacks profit off a strong prior year baseSustained aggressive competitor activity impacted maize extruded snacks volumesWeather related supply challenges affected potato chip volumesFlavour extensions and lower priced Cheese Curls format supported salesMargins lower due to cost increases, unfavorable sales mix and volume deleverageSelling and administrative costs well managed %F24RmF25Rm0,25 597,95 611,8Revenue1,81 270,91 294,4Operating profit 1,822,723,1Operating profit margin %
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Sales volume and selling pricesComments% ΔF25 H2 vs F24 H2% ΔF25 vs F241,5(0,2)Biscuits revenue declineSustained high selling prices and constrained consumer demand partly offset by benefits of innovation(4,3)(6,1)VolumeImpact of price increases taken in last year and in March 20256,16,3Ave. selling prices2,71,6Snacks revenue growthLower volumes due to aggressive competitor pricing and potato supply challenges(5,2)(6,4)VolumeBenefit of price increases taken in March 20258,48,5Ave. selling prices
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Market shares – 12 months value Balanced price / volumeMarket share reflects formal retail onlyIncreased contribution from wholesale channels 37,3%13,4%15,8%35,4%12,7%14,8%0,0%5,0%10,0%15,0%20,0%25,0%30,0%35,0%40,0% Bakers (Sweet) Bakers (Savoury) Willards F24 F25
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Raw material costsCost impact of raw materials and commodities consumed in the period (F25 vs F24): Impact net of hedging (9)(3)3 4 7 9 12 13 (10)(5)051015 Flour Maize Palm oil Coconut Potatoes Cocoa Butter SugarR million
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Performance
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Income statement%F24RmF25Rm4,42 459,22 567,8Revenue20,6199,7240,8Operating profit 16,08,19,4Operating profit margin %Improved fishing profitsHigher selling prices supported by the benefit from realised exchange rates on export salesCatch rates improved but still below the historical averageExport demand robust and supported by capacity from the additional freezer vessel in the second semesterDomestic market competitive with retail innovations growing shareOperating costs well managed with benefits from lower fuel prices, restructuring initiatives implemented last year and non-recurrence of prior year restructuring and BBBEE costs
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Income statementIncome statementAbalone - difficult year with lower profit Core Asian markets challenged by weaker demand and resulting over supplyIncreased discounting and stronger Rand impacting performanceUnfavourable fair value adjustment of R38,1 million recognisedInsurance proceeds of R4,3 million in respect of prior year industry-wide can recall %F24RmF25Rm4,42 459,22 567,8Revenue20,6199,7240,8Operating profit 16,08,19,4Operating profit margin %
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Operating profit Catch rate improvement primarily driven by the wet fleet with freezer fleet catch rates decliningCurrency benefit supported by hedging program with improved realised exchange rates New freezer vessel benefit from February 2025Reduction in fuel prices partially offset by impact of fuel hedges marked to marketRestructuring initiatives implemented last year delivered benefits in F25Abalone profit decline impacted by reduced pricing and unfavourable non-cash biological asset fair value adjustment of R38,1 million 150 170 190 210 230 250 270 290 310 330 350200 33 28 8 6 35 (66) (3) 241F24Catch rate Currency New vesselimpactFuel Non -recurringrestructuringand BBBEEcostAbalone OP OtherF25 R million
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Profit history Improved fishing performance with better catch rates but well below historical levelsAbalone profits negatively impacted by reduced demand and constrained selling prices in key markets 248 309 350 300 236 347 182 110 158 268 69 71 67 98 0(2)123 89 39 (27)317380417398236345305199197241(30)2070120170220270320370420470 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25R million Fishing Abalone
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Fishing performance Improvement in wet vessels catch rates partly offset by declines in freezer vessel catch rates Improvement in catch rates but remain below historical average 9,98,5 8,38,19,09,59,410,19,28,47,57,90,02,04,06,08,010,012,0 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25Hake tons per sea day I&J catch rateAverage catch rate F14 - F25
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Sales volume and selling prices (Hake)Comments% ΔF25 H2 vs F24 H2% ΔF25 vs F244,92,9I&J Domestic revenue growthCompetitor activity, and constrained consumer environment impacting demand in retail and food service(0,4)(1,7)Volume Price increases taken to mitigate cost pressure5,34,8Ave. selling prices16,610,7I&J Export revenue growthRobust demand supported by increased capacity due to acquisition of freezer vessel11,93,1Volume Price increases taken to mitigate cost pressure and benefit from realised exchange rates4,27,3Ave. selling prices
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Performance
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Income statement%F24RmF25Rm(9,6)1 022,5924,3Revenue(28,8)220,0156,7Operating profit (20,9)21,517,0Operating profit margin %Indigo profit declineDeodorant, body spray and fragrance categories impacted by falling category demand in weak discretionary income environment Aggressive competitor discounting and reduced category selling pricesNew roll-on line commissioned late in H2 provides access to stronger deodorant value proposition Margin pressure from unfavourable sales mix and costs not fully recovered by pricing Selling and administrative costs lower with savings from restructuring last year Once-off restructuring costs in current year
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Sales volume and selling pricesComments% ΔF25 vs F24(9,6)Personal Care revenue declineVolumes declined due to constrained demand and aggressive competitor pricing(8,8)VolumeIncreased levels of discounting in H1 with February 2025 price increases to recover higher costs(0,9)Ave. selling price
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Market shares – 12 months value Balanced price / volume in constrained and competitive environmentFemale portfolio decline reflects reduced Yardley share with male portfolio achieving growth in Yardley English BlazerRoll-on category growth supported by affordability Market share reflects formal retail market 3,8%38,6%32,0%3,8%37,8%32,9%0,0%5,0%10,0%15,0%20,0%25,0%30,0%35,0%40,0%45,0%Roll on Body sprays - Female Body sprays - Male F24 F25
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FOOTWEAR AND APPAREL Performance
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%F24RmF25Rm(7,9)1 757,31 619,2Revenue(22,6)340,8263,7Operating profit (16,0)19,416,3Operating profit margin %Operating profit decline due to lower volumesSelling prices increased to ameliorate input cost pressures, including higher freight costsFootwear volumes impacted by supplier and global supply chain issues in H1Consumer demand subdued and exacerbated by widespread deep discountingSecond half affected by closure of Green Cross retail businessClothing revenue lower but supported by launch of Signate range Gross profit margins impacted by Green Cross discounting but well protected across the balance of the brands Income statementFOOTWEAR AND APPAREL
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Sales volume and selling pricesComments% ΔF25 H2 vs F24 H2% ΔF25 vs F24(1,1)(4,8)Spitz and Kurt Geiger Footwear revenue declineVolume declines due to constrained consumer environment and supplier challenges on core Carvela ranges in H1(6,4)(14,3)Volume Price increases to ameliorate input cost pressure and protect margins5,711,1Ave. selling priceIncreased competition necessitating specific discounting to manage inventory partly offset by launch of KG Signate range (17,5)(14,7)KG Clothing revenue decline FOOTWEAR AND APPAREL
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Performance
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Operating profit history Robust performance across subsidiary markets offset by decline in Mozambique exportsProfit growth in all categories except personal care and snacksPrice increases in line with domestic businesses in response to cost pressureZambia negatively impacted by currency depreciation in H1Political instability, unrest and currency availability issues in MozambiqueCosts well managed with increased marketing and distribution costs 92103129132159194197189213253271273301313336 - 50 100 150 200 250 300 350 400F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 F23 F24 F25R millionINTERNATIONAL
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%F24RmF25Rm(0,3)1 276,4 1 272,8 International Revenue(1,8) 11,0 10,8 % of Grocery and Personal Care brands7,4 312,9 335,9 International Operating Profit(1,8) 11,2 11,0 % of Grocery and Personal Care brands%%7,824,526,4International Operating Profit Margin7,9 24,0 25,9 Grocery and Personal Care brands Operating Profit Margin Entyce, Snackworks and Indigo – Non RSA salesINTERNATIONAL
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F26 Prospects
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Sustain profitability for Entyce, Snackworks and Indigo in difficult trading environmentAnticipate consumer demand will continue to be impacted by low growth and high unemploymentOngoing failure of critical municipal infrastructure a challenge and riskIncreased low priced competition in our categories may put pressure on margins Continued price / volume management essential to protect long-term profitability given demand risksCommodity input cost environment softening in some areas with lower levels of inflation, except for coffee, expected in F26Costs to benefit from restructuring implemented in F25 with headcount savings and non-repeat of once-off costs Prospects for F26AVI GROUP
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Sustain profitability for Entyce, Snackworks and Indigo in difficult trading environmentCommodity and foreign exchange exposures will continue to be managed in a disciplined way to protect marginsCommodity and currency hedge positions secured provide cost certainty for the first semesterStrong brand portfolio will be supported by ongoing innovation and continued investment in our production capabilitiesIncreasing focus on snacking – formats, health, accessibility, price points Business is strongly positioned to benefit from any consumer recovery Prospects for F26AVI GROUP
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I&J’s prospects dependent on improved fishing, fuel prices and exchange ratesAcquisition of freezer vessel commenced fishing in February 2025 and will provide capacity and benefits in F26Exchange rates hedged at better rates that support improved export profitabilityContinued focus on cost structures and simplification of business model Abalone performance dependent on improved demand and selling pricesAbalone performance may remain below historical levels in the short term Prospects for F26AVI GROUP
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Prospects for F26Footwear and ApparelChristmas trading material to F26Ongoing price/volume management essential through tough demand cycle and ongoing discountsPrior year supply chain disruptions not a factor in H1Non-repeat of the Green Cross closure should support an improved performanceOngoing focus on cost control and improving operating metrics Retail densitiesStaff costsNew locations/brands being evaluated Online trading capabilities in selected Brands AVI GROUP
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Capital investment projects to support innovation, capability, product quality and customer service levels Prospects for F26Approved and Planned ProjectsRm28 Tea packaging line replacements and upgrades35Isando biscuit line upgrades/innovation22 Westmead biscuit line upgrades52 I&J processing plant replacements and upgrades68 I&J Vessel dry-docks and upgrades33 Retail store relocations, refurbishments and new stores14 Distribution centre facility upgrades7Power and water backup259425 Total capital expenditure AVI GROUP
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Ability to adapt to changing macro environment:Ongoing simplification of business modelGroup initiatives – innovation structure, margin management, procurement, cost savings and production efficienciesFocus on scalable and relevant innovation for constrained consumersManage our unique brand portfolio to its long-term potential Sustain high return on capital employedEffective capital projectsLeverage domestic manufacturing capability and capacity to grow export marketsReturn excess cash to shareholders efficiently Replicate our category market leadership in selected regional marketsOngoing review of acquisitions of high-quality brand opportunities Investor propositionAVI GROUP
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Questions
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Revenue 1,0% upINFORMATION SLIDES Entyce: Growth in tea and coffee partly offset by lower creamer sales with benefits from prior year competitor supply issues not repeatedSnackworks: Biscuits in line with snacks revenue slightly better due to selling price inflation partly offset by lower volumesI&J: Improved fishing revenue supported by selling price increases, weaker realised Rand on exports and benefit of new freezer vessel partly offset by constrained abalone selling pricesPersonal Care: Lower revenue driven by demand environment and aggressive competition which constrained selling pricesFootwear and Apparel: Higher selling prices partly offset by lower footwear and clothing volumes, supply chain issues and Green Cross closure 15 60015 70015 80015 90016 00016 10016 20016 30015 862 273 14 109 (98) (138) 16 022F24 Entyce Snackworks I&J PersonalCareFootwear &ApparelF25 R million
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INFORMATION SLIDESCommodity cost achievement relative to market prices * * Market prices at 7 August 2025 translated at USD/ZAR 17,75 and average market price for F25 translated at USD/ZAR 18,18 0,0%20,0%40,0%60,0%80,0%100,0%120,0%140,0%160,0%180,0%200,0% Robusta& ChicoryGlucose Arabica Casein Palm Oil Tea Sugar Flour Maize Potatoes Butter Coconut Cocoa Price achieved F25 Market price at 7 Aug 2025 Average market price F25
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Gross profit 3,4% upINFORMATION SLIDES Entyce: Revenue growth with improved margins supported by factory efficiencies, effective cost control, the annualisation of benefits from automation projects last year and operating leverage Snackworks: Marginally higher revenue offset by reduced margins in snacks due to increased costs, an unfavourable mix and deleveraging impact of lower volumes partly offset by price increasesI&J: Improved fishing performance partially offset by reduced abalone profitsPersonal Care: Profitability impacted by unfavourable mix, lower volumes and competitor discounting in constrained environmentFootwear and Apparel: Lower revenue with margins maintained despite competitor pressure and closure of Green Cross 6 4006 5006 6006 7006 8006 9007 0007 1006 613 365 (7) 23 (74) (82) 6 838F24 Entyce Snackworks I&J PersonalCareFootwear &ApparelF25 R million
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INFORMATION SLIDESMarketing expenditure Total expenditure for F25 of R880,3 million compared to R839,7 million in F24Increase in total spend for tea, coffee, biscuits and footwear and apparelIncludes advertising and promotions, co-operative expenditure with customers and marketing department costs 5,8%5,7%4,2%5,6%8,1%7,1%13,3%1,9%6,1%5,8%3,9%5,9%7,9%7,4%13,6%2,9%0,0%2,0%4,0%6,0%8,0%10,0%12,0%14,0%16,0% F24 F25 % of Revenue
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INFORMATION SLIDESCapital expenditure and depreciation (excl. depreciation on right-of-use assets) Ongoing investment in projects that support manufacturing efficiencies, product quality and innovationCapital investment carefully considered in constrained and challenging environmentCurrent year spend includes the acquisition of a second-hand freezer vessel 546 420 473 377 316 241 482 477 601 394 388 408 411 388 388 390 374 415 - 100 200 300 400 500 600 700 F17 F18 F19 F20 F21 F22 F23 F24 F25R million Capital expenditure Depreciation charge
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Cash flowsINFORMATION SLIDESFix this gap -1 0002 0003 0004 0005 0006 000 4 217 835 23 (220) (892) (601) (9) (151) (227) (2 037) ( 938)Cash fromoperationsIncrease innet debtProceedsfrom JVWorkingcapital andotherTaxation CapitalexpenditureIntangibleexpenditureLeaseliabilitiespaidNet interestpaidOrdinarydividendpaidSpecialdividendpaid R million
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INFORMATION SLIDESForeign exchange hedges Consistent hedging philosophy provides stability to manage gross profit margins January 2026 toJune 2026September 2025 to December 2025% Cover% Cover24%89%USD imports3%61%EUR imports34%68%USD exports44%45%EUR exports
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INFORMATION SLIDESI&J period end fair value adjustmentsF24F25ActualActualRmRmRm16,1(13,1)3,0Fuel hedge unrealised loss / (gain)(12,8)0,3Opening mark-to-market asset / (liability)0,3(2,7)Closing mark-to-market (liability) / asset34,33,838,1Abalone – decrease in unrealised profit in stockFuel mark-to-market determined by oil price and exchange rate at reporting dateAbalone fair value determined by market prices and exchange rate at reporting dateAbalone fair value at reporting date impacted by biomass mix, closing USD exchange rate and declining selling prices
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I&J fishing quotaINFORMATION SLIDESCY25CY24CY23CY22CY21CY20CY19CY18Quota (tons)151 739145 698138 772132 163139 119 146 430146 430133 120RSA Total AllowableCatch (TAC)4,15,05,0(5,0)(5,0)-10,0(5,0)% change in TAC 38 92037 36535 85034 14337 54339 51739 51736 013I&J 25,625,625,825,827,027,027,027,1%4,1% increase in TAC for calendar 2025
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Trading space and trading densityINFORMATION SLIDESF24F25Footwear and apparel111101Number of stores1 757,31 619,2Turnover (Rm) 23 40422 892Average m2 75 08570 732Trading Density (R/m2) 23 19922 191Closing m2 F24F25Like-for-like metrics*9595 Number of stores1 476,3 1 389,6 Turnover (Rm)20 750 20 750Average and closing m2 71 14666 969Trading Density (R/m2)* Based on stores trading for the entire current and prior periodsClosure of 10 Green Cross stores with the Epping value store re-opened in April 2025 to support clearance of Green Cross stock
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Trading space and trading density excluding Green CrossINFORMATION SLIDESF24F25Footwear and apparel9897Number of stores1 613,21 524,6Turnover (Rm) 21 58721 518Average m2 74 73070 852Trading Density (R/m2) 21 63121 542 Closing m2 F24F25Like-for-like metrics*9292 Number of stores1 457,6 1 374,5 Turnover (Rm)20 385 20 385Average and closing m2 71 50467 427Trading Density (R/m2)* Based on stores trading for the entire current and prior periods
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Trading density – Footwear and apparel storesINFORMATION SLIDES Closed 12 stores in the last 12 months 2 stores opened during the year (including Green Cross Epping value store) - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 - 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 F17 F18 F19 F20 F21 F22 F23 F24 F25 m2 R/m2 Trading density (R/m2) Average trading space (m2)